Mining stocks under pressure in London

Miners were under further pressure on the FTSE 100 on Thursday after a series of updates from the sector failed to soothe concerns over its outlook while this week’s torrid run for commodities prices continued to resonate.

The biggest single reaction came to a warning from New World Resources, which said a “difficult trading environment” meant it would have to change its profit guidance.

Shares in the coal miner fell 11.8 per cent to 164.55p, the biggest single fall in the sector and on the FTSE 250.

Evraz, the Russian steelmaker, fell 1.3 per cent to 156.5p after it reported what it called a “slight” increase to output of finished steel goods. Average selling prices for most key steel product groups were flat or just marginally higher.

ENRC was the biggest faller on the top-tier index, down 4.3 per cent to 229.75p. The Kazakhstan-based metals miner was also facing some more specific problems after the Financial Times reported the Serious Fraud Office was poised to launch a formal criminal inquiry into the company.

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